Even the most seasoned crypto operators couldn’t foresee the amazing rise of EOS in the digital currency market. Having raised $4 billion in 2018 and smashed the IPO record on stock exchanges, EOS soared through the ranks in a short time, breaking all the limits. A year later, EOS is one of the top-grossing digital currencies with a huge price. EOS is slowly eclipsing the established big boys’ popularity. And if this trend is anything to go by, it won’t take long before EOS perches itself at the very top of the cryptocurrency order.
What is it about EOS that has seen it grow so fast? Why is EOS killing Ethereum and other established cryptocurrencies? How is EOS making its way into the gambling industry? Where can one buy EOS? These are some of the many questions that people who don’t know much about EOS are probably asking themselves.
What is EOS?
This is obviously the first question that comes to mind. EOS is a simple, yet solid blockchain technology platform akin Ethereum. It allows developers to create decentralized apps and launch initial coin offerings to the public. The platform also makes it possible for people to perform transactions using EOS coins.
In terms of the core objective, EOS is very similar to Ethereum. Both platforms help developers distribute larger-scale decentralized apps, and allow them to hold their first ICOs to quickly and safely achieve their goals. They have the same processing conditions and promise quick transactions, safety, and convenience for users. Unfortunately, though, Ethereum falls short in many of these core objectives, and this is where EOS is slowly eclipsing and overtaking it.
How EOS is Killing Ethereum
Although Ethereum is a game changer in its own right, it has a fair share of shortcomings which users have to put up with for lack of a better alternative. Some of the cited shortcomings of Ethereum include:
The low number of transactions processed
If cryptocurrencies are to break the rules and to replace original fiat currencies such as the USD & EUR, as well as the banking system itself, then they need a provision for processing thousands of transactions per second. The idea is, if any cryptocurrency is wondering to be sustainable, then its core systems have to handle the many transactions millions of users worldwide make. The sky is the limit here.
Ethereum falls short in this aspect as it is limited to a handful of transactions per second. At best, the platform can work in a range of 30 transactions per second, which is far lower than traditional payment methods such as credit cards could handle. Thus, you have to wait for quite a few minutes, and, sometimes, even for a few days before your transaction is confirmed. Some credit and debit companies can handle an average of 50,000 transactions per second. That’s why people are still using plastic cards. The virtual currencies need to boost the transaction speed rate.
This low number of transactions handled per second makes Ethereum less appealing to customers who care about the transaction speeds. Ethereum also tends to lag when many registered users transact on the platform. Hence, there was a need for a single blockchain platform capable of handling more transactions per second. EOS is one such platform.
A Large Number of Scammers on the Platform
Ethereum is infamous for a high number of scams that are perpetrated by unscrupulous developers. The fraudsters offer random ICOs of non-existent coins with no financial result for investors. It is one of the platform’s biggest problems that might require a solution. People who hadn’t been lucky enough to visit such illegal ICO websites before, were often unable to identify a fake. Scammers exploited the lack of a proper knowledge to attract newbie investors to the site, and soon people interested in crypto investments were losing funds to the internet fraudsters on the platform.
Despite numerous daily reports, Ethereum developers could do little to curb the malpractices. As an outcome, it was only a matter of time when people would start to abandon the platform. Trust in the platform decreased and many real people started to leave because of those events. Some users even swore to never use the platform again and therefore were in search of a new, safer platform.
Outdated Proof of Work Algorithms
Ethereum uses one of the oldest concepts for transaction confirmation — proof of work algorithm. With it, miners are in charge of validating transactions. This technology simply pits miners against each other in validating transactions, which has numerous shortcomings. The updated proof of stake algorithm (also known as delegated proof of stake) employed by the likes of EOS is a better option as only coin owners can validate transactions making them cheaper.
EOS: Solution to Ethereum Shortcomings
EOS made its debut in the cryptocurrency world almost three years after Ethereum. EOS developers, therefore, had enough time to listen to grievances on Ethereum and develop a viable solution tackling the problems cited by the Ethereum users.
In general, EOS promised to learn from and solve most of Ethereum’s problems, and also introduce new features to make transacting with the EOS coins better for the customers. Here are some of the attributes of EOS that make it a better version of Ethereum.
The thing is, Ethereum only handles about 30 transactions per second. Compared to ETH, EOS can process up to 4,000 transactions per second with a promise of super scalability in the future. These are very important things since fast transactions mean that more people can easily get on board and enjoy using the platform. They can send and receive transactions in seconds, and make use of industry-specific decentralized apps.
Proof of Stake Technology
One of the most important points is that EOS system powered by the latest POS technology is more efficient and accelerates the transaction processing rate. Instead of miners validating transactions, 21 propagators are in charge of verifying the transactions of the entire network to make them valid. This allowed the usability of the platform to be improved and made it hard for scammers to cheat.
Sending and receiving transactions in EOS is free of charge and it is the main killer feature. Exciting, isn’t it? Developers of EOS wanted to make their special product excellent and user-friendly, and the elimination of transaction fees is one of the ways the platform was created better for users. Therefore, the number of EOS users has grown in the last year and will only grow in the coming months.
So, now that EOS is ‘arguably’ better than Ethereum, where can one buy EOS coins?
Where to Buy EOS
The best place to buy EOS is on the cryptocurrency exchange website. To buy EOS, you will first need to register an EOS wallet (verification process isn’t long), create your own account at the exchange platform (don’t forget to read the terms and conditions), verify your identity, fund your account using a debit card or a credit card, and buy EOS tokens in one click. After you complete the purchase of tokens, it is exactly the time when you can transfer them to your wallet and start transacting.
EOS in Online Gambling
The meteoric rise of EOS has seen it replace Ethereum and other cryptocurrencies in many leading industries in the world and none more so than the online gambling industry. Online casinos, just like other businesses, embraced the use of digital currencies and in casino games, EOS has found a home and its main purpose.
Thanks to their convenience, cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), TRON, and other types of coins are popular in online casinos. With proper systems in place, the best Bitcoin casinos can efficiently process deposits and withdrawals in cryptocurrencies. This has changed the trust level of online gambling scene for the better.
Almost all licensed and regulated casinos at the top of the best online casino reviews list have cryptocurrencies as one of the payment methods. This helps the casinos to attract many players. With cryptocurrencies promising instant deposits and fast withdrawals(as well as any micro-payments), security, and hassle-free gaming on the gambling sites, it is not surprising that the uptake of cryptocurrency has tripled in the last three years.
So, how has EOS performed in the gambling industry so far? What was the method of using EOS in casinos? Has it managed to displace Bitcoin and Ethereum as the preferred cryptocurrency for online betting?
EOS has performed pretty well in the online gambling industry. If anything, close to 80% of decentralized apps on EOS are gambling apps and the EOS coins, therefore, have found a home in online casinos. Review some of the reasons why EOS runs popular in online gambling. Even some top Bitcoin casinos offer EOS as an option for payment.
Diversity of Usage
Any EOS casino, just like online Bitcoin gambling venues, supports a wide range of games online — starting from standard slot games to live dealer games. Blackjack, roulette, craps, video poker, live games, fortune jack, dice games, card games, slots roulette, casino slots, poker games, roulette blackjack, baccarat and progressive jackpot games are all those games where one can use EOS to gamble for real money. Upon exchanging, you can even withdraw jackpots in cash.
Do not worry about cheating, because cryptocurrency casinos offer provably fair games. Playing in the cryptocurrency casino is a good gambling experience because such casino accepts multiple types of currencies (including altcoins).
In a bid to find and attract more players, Bitcoin game developers offer a wide range of fantastic bonuses and plenty generous promotions & prizes in a wide variety of games. Players using EOS to play these games also have a chance of enjoying attractive casino bonus programs with a wide variety of rewards.
Some of the most common Bitcoin casino offers and casino bonuses which cryptocurrency casinos offer include:
- 1st deposit bonus where the house matches the players’ first deposit if it is above the minimum deposit amount;
- second deposit bonuses if the player follows up the first deposit with another deposit after getting the chance to play games;
- and free spins for crypto games which use spins. The number of casino awards to the player differs from one casino to the other. Some vast examples include 50 free spins as a reward for making 2 BTC deposit and above, 5 BTC – 100 free spins, for deposits above 5 BTC – 250 free spins, 200 free spins and additional perks for second deposits equivalent to 10 BTC, etc. Other casinos offer small amounts such as 180 free spins as a bonus for Bitcoin gamblers depositing more than 1 BTC, 150 free spins, 30 free spins, 20 free spins, 25 free spins — for less than 1 BTC.
Some casinos offer VIP programs designed directly for the high rollers who love to do many major Bitcoin transactions on gambling websites. These casinos offer higher bonuses ranging from free Bitcoin, reload bonuses among many other offers depending on the player’s loyalty.
Perfect for mobile gaming
A lot of players prefer to play casino games on their mobile devices because of the great convenience and quality that the devices afford them. Easy registration through email, providing the required personal details, setting up accounts, making instant deposits and withdraws — all this is facilitated with mobile devices. Mobile phones (both iOS and Android powered) offer a better gambling experience than computer desktop.
EOS processing is equally easy on mobile devices. Players can access their wallets for regular cryptocurrencies to deposit money into their betting accounts and have fun playing the casino games.
Cryptocurrencies are now software developers’ priority
Nowadays, casino operators and software providers prioritize cryptocurrencies when designing their games and software. Currently, all the reputable developers like Microgaming, Playtech, NetEnt, and the IGT company have their focus on creating crypto games which are responsive and compatible with basic hardware and operating systems.
So much have cryptocurrencies affected industries in various countries that even governments follow the trend and change regulations to make Bitcoin gambling legal. They start to accept the usage of EOS, Bitcoin, and other cryptocurrencies in activities such as betting. Times have changed and the way business is done has changed too. Companies need to brace themselves for the inevitable change where customers will not accept businesses in which cryptocurrencies are not supported. The crypto gambling era with privacy, decentralization and low fees is here.
If you have not joined the crypto bandwagon yet, then each month you are losing out on the hundreds of advantages which crypto offers its users. From swift wagering to better management of betting activity, cryptocurrencies are changing the betting industry, and the EOS team is at the helm of it all. The wagon started moving a few years ago.
The paradigm shift is absolutely evident if you take your time to read casino reviews today on websites and blogs. Cryptocurrency casinos offering secure payment processing, anonymous depositing through wallets, and fast withdrawals are winning the casinos race. Some nice crypto casinos even provide their users with instant withdrawals.